From Publishing Perspectives:
Wattpad officials in Toronto are confirming to Publishing Perspectives on Tuesday (October 2) that the platform is preparing to run a beta payment program in select regions to test how writers can make money on Wattpad through a reader-payment system.
The experimental program—which our contacts stress is short-term—is up in four markets: the company’s home base Canada, as well as the UK, the Philippines, and Mexico. The launch date for the beta project is a week away, October 9.
The Philippines is one of Wattpad’s most successful markets, a country in which the Wattpad Presents television programproduced with Manila TV5 was something of a precursor to the rapidly accelerating success that the Wattpad Studios division is having in platform-to-screen development.
The upcoming invitation-only beta is limited at present to some 50 current Wattpad writers, who were selected for the test to contribute to the program.
The stories these writers produce for the beta will be available only in the four participating regions and only for purchase. There will be no effects on normal Wattpad operations otherwise.
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Once the beta has launched next week, users can use the Wattpad app to purchase their coins in various sized batches. Based on the graphics on the explanatory page about buying coins for the Wattpad Next program, coins may come in batches of nine for $0.99, batches of 66 for $2.99, batches of 120 for $4.99, and batches of 230 for $7.99. It’s likely these prices are in Canadian dollars, since the beta will not be available in the States, and these price may be higher or lower than the actual cost structure once the beta program is activated next week.
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Many writers who have looked at Wattpad—particularly authors who have some career traction—may find it good news that the company is exploring, even on a limited trial basis, a way that readers might be able to pay their favorite writers.
Long recognized as a fine incubator for young talent, the platform, with its highly attractive 65 million active users monthly, has seemed a leap for those who need to make money from their writing.
The company is explaining the new, limited-time beta is to say that readers have been asking for ways to compensate their favorite writers.
In answer to Publishing Perspectives’ query, a spokesman for Wattpad says, “Helping writers has always been a priority for Wattpad. We’re currently running [this] closed beta program in select markets to explore different ways writers can make money from their work on Wattpad.”
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“The connection between readers and writers is what makes Wattpad the unique and incredible space we all love,” according to the FAQ messaging. “The stories selected echo this connection, and will help us build the best program to fund writer’s careers, while giving readers access to stories they can only find on Wattpad.”
Link to the rest at Publishing Perspectives